Reward for lost Kraken!
Join Date: Apr 2006
Thanked 141 Times in 138 Posts
Rep Power: 11
If you can get that hole welded up, you're back in business. Polish off the rust, check the block and head for warping while you are at it, do a leakdown test on the cylinders to make sure the rings and walls are still OK. (Piston down, fill cylinder with kero or diesel, see if it leaks down past the rings overnight. And of course--drain and change the oil afterwards if it does.)
The engine looks OK from here but that's a view from a distance. :-)